Social lending experiment to reopen in 2012
02/12/2011
Australian online peer to peer lending service www.igrin.com.au is preparing to start broking new loans in early 2012. Peer to peer lending is people investing and borrowing with each other, usually online via an eBay style platform, bypassing banks and other financial institutions altogether.
Sydney based iGrin is currently revamping its business model said founder and managing director Phil Hopper. The business brokered $150,000 worth of loans to a few hundred borrowers during 2009 and 2010. "We stopped taking on new loans when new consumer credit laws came into force," said Hopper.
"And we hope to get to the stage of being able to take on new loans early in the new year." iGrin is the only Aussie P2P lending platform to actually go live and broker real loans. Other Aussie P2P projects like LendingHub, Peermint and Fosik never got beyond Beta stage.
Source: Technology Spectator
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